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The median price is the 'middle of the road'. A house priced at 280K in Danbury may need work/updates, or it's not 'move in ready'. (although a buyer of mine just bought in Danbury, for less than 280K, and loves her home!) It all depends on your personal desires.
There are many factors that would make a home worth spending 50K more than the median. The amenities at a house priced at 330K may be more ideal...ei pool, central zoned heating/cooling system, new hardwoods, granite counter tops, a larger lot...I could go on forever.
Hopefully your agent can show you homes in both price ranges to compare.
Good luck brianb1240! = )
Hello Brian B.
I'm not sure over what period of time the market median price of $280,000 is calculated, but assiming it is fairly recent, which I think it is, you need to keep in mind that at least one third of the properties that sold in the last 6-12 months are foreclosure properties, many of which need an above average amount of work.
Keep in mind that this median reflects only the properties that actually sold. It does not reflect the median value of homes in Danbury which is certainly higher than $280,000 or even $300,000.
Sounds like you might be interested in a house for $330,000 but suspect or feel that it may be over priced and are fearful of overpaying. You should have your agent run an estimate of market value for you which shows how much similar homes in the surrounding area sold for. If you are seeking mortgage financing, the home will be appraised also which is supposed to protect you and the bank by ensuring that the sale takes place at fair market value.
Thank you Friendship. zillow needs a big disclaimer to fully explain how best to use the information that the site provides.
It is like doing an online search for the price of an oil change at an auto store. you will get a general idea of the price but the actual cost may be higher or lower depending on your vehicle and what changing its oil may require
The median is the middle value, not the average value. so if you made a line of homes for sale in that area there would be cheaper homes and more expensive homes and the price in the middle 280k in this case would be the median
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Why would I pay 330k for a house in danbury when the market median is 280k?
brianb1240
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